Wednesday, September 28, 2011

Statistical Notes Wednesday September 28

-The Chicago Fed national activity index fell from 0.02 to -0.43, indicating a weaker economy. Durable goods orders also fell, but "core" orders rose.

Meanwhile, the housing market remains depressed as house prices and new home sales fell.

-Euro area money supply growth rose in August (but remains very low) after having declined for a long time.

-The German inflation rate rose according to preliminary estimates from 2.5% to 2.8% in September.(the EU harmonized index). Given the relative strength of the German economy within the euro area and the removal of consumption tax increases from the inflation rates of weaker economies, Germany's inflation relative to the euro area average is likely to continue to increase.

-Sweden's trade surplus continued to rise in August, despite the strong Swedish krona. That it increased despite a strong currency is in part due to the J-curve effect and in part due to the domestic demand reduction caused by the Riksbank's tight monetary policy, as evidenced by a continued decline in money supply.

-Average worker pay in Hong Kong rose by 6.9% in the year to the second quarter in nominal terms and 1.8% in real terms.

-Israel saw its unemployment rate fall to a new low of 5.4% in July.


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